Accounts Receivable Management Featured Article

Collection of Louisiana State Debt to be Strengthened by CGI Technologies and Solutions

November 12, 2012

In order to collect millions of dollars from borrowers in Louisiana, CGI (News - Alert) Technologies and Solutions has been chosen by the state’s Commissioner of Administration for the collecting, compiling, and disseminating the debt statistics in the state. Kristy Nichols, Louisiana Commissioner of Administration, has made this announcement.  

CGI Technologies will be responsible to conduct data collection, an analysis of debts owed to the state, and help implement a plan to improve state government debt collections. The main motive of the RFP is to carry on expert analysis of the state's inventory of accounts receivables and debt owed to it.

The Commissioner of Administration will utilize this data to implement a strategy and developing tools which can enhance the state's ability to capture money owed to the state.

Instead of having agency accountants operating by different rules, CGI Technologies will streamline collection efforts for recently delinquent debts and also standardize the policies and procedures by which they pursue recently outstanding accounts receivable. The company will also consolidate  state level efforts and utilize third-party support and evaluate debts to be either tasked to a group of fulltime collection agents in a consolidated state entity, outsourced to third-party debt collection experts or addressed via public-private debt collection partnership.

The company will also start early action for delinquent payments and standardized a timeline for outstanding accounts receivable. These deadlines will send a debt from agency accountants to state collection agents or third-party collection entities so that no debt falls through the cracks. The company will work to ensure maximum payment and establish and/or enhance penalties, fees, and fines, including offsets such as withholding tax refunds or unclaimed property.

Speaking about the data, Commissioner Nichols said in a statement, "This is an important step for taking a data-driven approach toward implementing a comprehensive plan that protects taxpayers and aggressively and persistently pursues money owed to the state."




Edited by Brooke Neuman

Article comments powered by Disqus

Related Accounts Receivable Management Articles

Pew Charitable Trust Releases Analysis of Military Financial Institutions

The Pew Charitable Trusts, a global not-for-profit that completes global research and analyzes public policy, announced near the end of October that it had completed its first evaluation of checking account practices within banks and credit unions that provide services for customers at military bases. Overall, it analyzed 18 of the 31 Association of Military Banks of America banks and 111 of the 134 Defense Credit Union Council credit unions at military sites. [ Read More ]
10/30/2014

Accounting Firms Take Note: Five Trends to Hit the Industry

A new report has emerged that makes one thing clear: the accounting industry has about five clear trends about to hit. From the largest of corporate accounting ventures to the simplest, key industry trends are set to arrive and pose opportunity for those who pay attention, and hazard for those that don't. [ Read More ]
10/29/2014

Accounting Firm Receives $100,000 in Consulting through University Competition

The Harvard vs. MIT Case Competition takes place every year to pit graduate students and postdoctoral fellows against each other to solve a real-life business challenge. Students from both universities generate answers to problems that affect an actual business; this year's chosen business was the accounting firm, Cloudsource Accounting. [ Read More ]
10/29/2014

Clayco Selects DataServ to Automate, Streamline AP Process

Clayco Inc., a full-service real estate, architecture, engineering, design-build and construction firm, has selected DataServ for accounts payable (AP) automation. [ Read More ]
10/24/2014
FREE Accounts Receivable Management enewslettter.

Events

Weekly Live Demo
Contact Center Solutions

Register Today!


Weekly Live Demo
CaaS Small Center

Register Today!